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Gross Domestic Product

Create a 2-4 page Word document in APA format (Not Including Title or Reference Page) containing your answers to the following questions using common economics terms and concepts:
Part 1: Define Gross Domestic Product (GDP). Which of the following are included in GDP calculations? Explain your reasoning.
cleaning services performed by Molly Maid Corporation
lawn-mowing services performed by a neighborhood child
drugs sold illegally on a local street corner
prescription drugs manufactured in the United States and sold at a local pharmacy
a rug woven by hand in Turkey
air pollution that diminishes the quality of the air you breathe
toxic-waste cleanup performed by a local company
car parts manufactured in the United States for a car assembled in Mexico
a purchase of 1,000 shares of IBM stock
Part 2: Using any relevant information below, calculate GDP using the expenditure approach. Show your calculations:
Inventory investment $50 billion
Fixed investment $120 billion
Consumer durables $420 billion
Consumer nondurables $270 billion
Interest $140 billion
Indirect business taxes $45 billion
Government wages and salaries $300 billion
Government purchases of goods and services $110 billion
Imports $80 billion
Exports $40 billion
Profits $320 billion
Services $600 billion

Create a 2-4 page Word document in APA format (Not Including Title or Reference Page) containing your answers to the following questions using common economics terms and concepts:
Part 1: Define Gross Domestic Product (GDP). Which of the following are included in GDP calculations? Explain your reasoning.